In a recent ruling that has sent ripples across the UK’s litigation funding industry, the UK Supreme Court declared that a large number of litigation funding agreements are in fact damages-based agreements (DBAs), and hence, are subject to comply with the relevant regulations. This ruling has caused concern among funders as they scramble to reassess…
In April 2023, a notable development in the Norwegian market affecting Bermuda-based companies was highlighted in a bulletin by the legal service provider Conyers, which noted the country’s unique performance compared to global markets. Despite an overall volatile economic scenario, the Norwegian exchanges, notably Oslo Børs, demonstrated resilience. During the course of 2022, Oslo Børs…
On Thursday, Singaporean authorities carried out the execution of 39-year-old former delivery driver, Mohamed Shalleh Bin Abdul Latiff, for the trafficking of 54.04 grams of diamorphine, a controlled substance. This amount exceeds by four times the threshold required to impose the mandatory death penalty as stated under Singapore’s Misuse of Drugs Act. This marks the…
Harneys, a globally acknowledged offshore law firm, has entered into concrete agreements to dispose of its fiduciary business in an operation supported by Hillhouse, a worldwide private equity firm. The sale, the precise details of which remain confidential, is anticipated to endow Harneys with the capital necessary to stimulate the law firm’s strategic growth. The…
In the ever-evolving landscape of corporate law, legal professionals across the globe have been keeping a keen eye on the progression of the Edinburgh reforms. Announced in December 2022, the reforms have proceeded at a significant pace, particularly in the period before the summer break. The increasing velocity of the reforms’ progress warrants an up-to-date…
Thousands of indigenous individuals from Jujuy, a northwestern Argentine province, arrived in Buenos Aires recently. Their long cross-country journey culminated in a large protest against a provincial constitutional reform that expands lithium mining on the lands they call home. The protest was staged due to concerns that the increased extraction of lithium may lead to…
The case of FS.COM INC. v. International Trade Commission, with Corning Optical Communications LLC intervening, continues to reshape our understanding of patent validity in the context of import regulations. In case proceedings dated April 20, 2023, the overarching discourse returns to two vital aspects of patent law: enablement and claim construction. A full explanation of…
In a noteworthy decision, the Third Circuit Court of Appeals has reiterated its prior judgment allowing creditors of Venezuela who have obtained arbitration awards to lay claim on the U.S. assets of Petroleos De Venezuela, S.A. (PDVSA), Venezuela’s national oil company. This conclusion, accessible in detail via the following link, Third Circuit Affirms Judgment Allowing…
In a remarkable decision by a split vote of 3 to 2, the Securities and Exchange Commission (SEC) approved substantial changes to Rule 2a-7, in addition to other rules pertaining to money market funds under the Investment Company Act of 1940 on July 12, 2023. The SEC development centered on several elements, chief among them…
In a significant display of public will, Swiss citizens have voted in favor of a new climate law aimed at achieving carbon neutrality by 2050. The legislation, known as the Federal Act on Climate Protection Targets, Innovation and Strengthening Energy Security or the Climate and Innovation Act, was passed on June 18, 2023. The Climate…
The Cayman Islands recently exhibited its agile approach towards corporate restructuring, intending to further protect creditor and debtor rights while contributing to efficient cross-border restructuring operations. In an update to the Companies Act on August 31, 2022, the Cayman Islands introduced a regime which allows corporations to choose the appointment of a restructuring officer. The…
In recent years, the corporate rescue scheme known as examinership has been effectively utilised in Ireland, displaying impressive adaptability to the requirements of modern complex cross-border corporate restructurings. This approach was introduced in 1990 and has consistently evolved to efficiently handle the dynamics of the corporate business landscape. The examinership scheme has achieved increased significance,…
In recent news, the Organisation for Economic Cooperation and Development (OECD) publicized a fresh addition to its Series on Harmonization of Regulatory Oversight in Biotechnology, titled Safety Assessment of Transgenic Organisms in the Environment, Volume 10: OECD Consensus Document on Environmental Considerations for the Release of Transgenic Plants, on July 27, 2023. According to JD…
In an undisclosed deal, e-discovery and legal services provider Consilio is acquiring two prominent UK companies, Lawyers On Demand (LOD) and SYKE, a legal tech consultancy. This acquisition is not only expected to boost Consilio’s presence in the United Kingdom but is also set to expand the company’s ELS, Enterprise Legal Services operations, across Europe,…
As many legal professionals closely monitor ongoing international trade disputes, one pressing issue continues to dominate legal and political headlines. The European Union (EU) and the United States (US) remain at odds on policy approaches regarding the steel and aluminum industry due to disagreements anchored in Environmental, Social, and Governance (ESG) concerns, more particularly the…
On July 25, 2023, an important decision took place in the United States District Court for the Southern District of New York. Judge Jed S. Rakoff dismissed a motion to dismiss a putative securities class action, involving an online food ordering and delivery platform, known merely as “the Company”. The allegation stems from violations of…
In recent years, Australia’s housing crisis has grown to more than just a national concern. The issue, which appears to have been seeding over several generations, showcases severe symptoms that are both painfully obvious and difficult to address. The imbalance between supply and demand is widening, with supply-side problems accentuating the disparity. The international law…
In an ongoing development within the U.S. legal and political scene, Congressional Republicans are presenting a notably more concentrated emphasis on the procedures of gift and contract disclosures from international donors, specifically under the auspices of Section 117 of the Higher Education Act of 1965, 20 U.S.C. §1011f (hereafter referred to as “Section 117”). As…
In this week’s Food Venture Financing News, Flora Ventures, an Israel-based VC firm, established by an erstwhile executive of Mondelēz, announced that it has raised a significant $50 million in funds. This is a strategic move aiming to lend support to budding startups that are making waves in the domains of food security, sustainable agriculture,…
Good day to our esteemed readers. In today’s financial regulatory rundown, the Federal Financial Institutions Examination Council (FFIEC), working on behalf of its members, recently announced updates to six critical sections of the Bank Secrecy Act/Anti-Money Laundering Examination Manual. Let’s take a closer look. The noteworthy policy adjustments and emerging regulatory trends reflect the FFIEC’s…
In a move poised to effect significant change in the landscape of international finance, the USD LIBOR (London Interbank Offered Rate) panel has ceased publishing its one-, three-, and six-month USD LIBOR settings. This news follows the official prediction made by the Financial Conduct Authority (FCA) on 3 April 2023. The ICE Benchmark Administration (IBA),…
The month of July 2023 rendered a number of intriguing developments in the fields of UK taxation laws and rulings. Key decisions have been made by numerous tribunals, and we have seen compelling movements in terms of double tax relief, employee expense allowances, and directorial company loans, among others. A remarkable instance that invites discussion…
In a noteworthy move, the US Departments of Justice (DOJ), Commerce, and the Treasury have taken a collective stride towards promoting accountability and compliance within corporations. The three esteemed departments have combined efforts to publish a Tri-Seal Compliance Note on Voluntary Self-Disclosure of Potential Violations on July 26, 2023. This Compliance Note encompasses voluntary self-disclosure…
In delivering progressive adjustments to its municipal code, Chicago has recently fortified its sexual harassment laws with the passage of Ordinance 2022-665, significantly amplifying protections for employees working within the city. Interestingly, earlier guidance suggested that this crucial update would only apply to employers aligning with the definition outlined in the Criminal Record or Criminal…
California’s Privacy Protection Agency’s Enforcement Division disclosed on July 31 that it is set to review the privacy practices of connected vehicle manufacturers and the associated technologies. As automobiles increasingly feature settings that offer web-based entertainment, location sharing, smartphone integrations, and built-in cameras, there’s an augmented focus on the scope of data collected on owners…